President Bola Tinubu has requested the National Assembly to raise the proposed 2025 budget from N49.7 trillion to N54.2 trillion, marking a N4.5 trillion increase.
Tinubu initially presented a N49.7 trillion budget proposal to lawmakers in December 2024.
However, in a letter read by Senate President Godswill Akpabio on the Senate floor Wednesday, the president called for an upward revision.
Last year, both chambers of the National Assembly approved the 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), which set the foundation for the budget.
The approved fiscal parameters included oil benchmark prices of $75, $76.2, and $75.3 per barrel for 2025-2027, with daily crude oil production estimates of 2.06 million, 2.10 million, and 2.35 million barrels, respectively.
The GDP growth rate was projected at 4.6%, 4.4%, and 5.5% for the three years, while the exchange rate was pegged at N1,400/$—though lawmakers noted that this could be reviewed in early 2025 based on evolving monetary and fiscal policies.
